Growing your business in this economy can be challenging, but using tax strategies can help you obtain your goals. If you are looking to invest in your infrastructure you may be eligible for the section 179 deduction. This section allows businesses like yourself to take write offs on equipment purchases like vehicles and trucks.
On Tuesday, December 16, 2014, Congress passed the Tax Extenders Bill which extends several 2013 tax benefits through the 2014 tax season, including raising the limit of the Section 179 tax deduction allowing small business owners to depreciate the full cost of their vehicle purchase the first year (rather than depreciating over a number of years). Prior to this bill, the maximum 2014 deduction was $25,000, but with the passage of this bill into law the limit increases to $500,000 for the 2014 tax year. If you are looking to take advantage of this extension time is running out so consult your local Honda dealer to get the returns your business deserves.
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